Credit unions' reaction to the recent data breach at arts and crafts retailer Michaels could be impaired under the pending debit interchange cap, CUNA has told U.S. senators.
The retail chain has not revealed all the details about the breach yet, but has said that stores in 20 states were impacted. That broad geographical footprint has given debit cap opponents an opening to make another argument against the interchange measure.
In a letter to senators from states where the fraud occurred, CUNA noted that credit unions generally work with members harmed by data breaches at retailers which, generally, do not help them and that CUs can do this in part because the flow of interchange income helps cover the costs of fraud.
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